Just two years ago, Maryland-based First Madison Mortgage was one of the industries rising stars, placing number 531 on Inc. Magazine's list of the nation's fastest growing companies.

Founded in 2002, the company's growth exploded in 2006, with revenue growing 582 percent to $4.1 million over just three years. The company employed 65 people in 2007.
www.MortgageDaily.com/Closures011508.asp


Nearly 150 Mortgage Operations Collapse in 2007
The failure of almost 150 mortgage operations was chronicled last year by the Mortgage Graveyard.

During 2007, 147 mortgage units were shut down, according to the Mortgage Graveyard.

Companies tracked primarily included those that employed at least 50 people -- though it is estimated that hundreds of failed companies, mostly mortgage brokerages, were under the radar.
www.MortgageDaily.com/PressRelease012208.asp


Becoming, Staying FHA Approved
As secondary market investors tighten conventional lending requirements and costs, government-insured programs are expanding to cover the shortfall -- with recent program changes benefiting a wider pool of borrowers. But these programs can only be tapped by approved mortgage lenders and brokers or by approved net branch correspondents who operate under strict arrangements.

One government program, the FHASecure program was created late last year to help struggling subprime borrowers refinance their loans and keep their homes. But it may only be accessed by lenders and brokers (loan correspondents) that have obtained approval to offer loans insured by the Federal Housing Administration.
www.MortgageDaily.com/WbskFhaApproval033108.asp

FHA, Conforming Limits Boosted President Bush has signed into law emergency legislation that will temporarily increase the conforming limit by 75 percent. In addition, the limit for loans insured by the Federal Housing Administration will also see a temporary boost. H.R. 5140, the Economic Stimulus Act of 2008, was signed by Bush this afternoon. www.MortgageDaily.com/Hr5140Approval021308.asp

Southwest Securities FSB made the disclosure in a message to customers yesterday.
www.MortgageDaily.com/WarehouseInvestorApprovals011008.asp


Lenders Losing Lawsuits
Borrowers appear to be winning a number of lawsuits filed against mortgage companies, an analysis of previously covered litigation by MortgageDaily.com indicated. Two of the cases are seeking to stave off foreclosures while another is targeting fees charged by state regulated lenders in Maryland. One lawsuit accuses several lenders of steering black borrowers into higher cost loans.
www.MortgageDaily.com/LawsuitUpdates010708.asp

Embezzlement Topples Net Branch
A nationwide mortgage banking company, with some 650 employees in 85 branches, has stopped funding loans and paying employees in the wake of the alleged embezzlement of $4 million by the chief financial officer, a branch manager told MortgageDaily.com.
www.MortgageDaily.com/ClosureMaverick011708.asp

Conforming Loan Limits
Fannie Mae, Freddie Mac and their regulator have issued updates on loan limits and fees.
www.MortgageDaily.com/FannieJumbo101708.asp

Illegal Mortgage Leads
For two years, an executive of a Countrywide Financial Corp. unit was successfully operating a mortgage leads business using data he stole from the company. He downloaded the records of 20,000 borrowers each week -- until he was caught.
www.MortgageDaily.com/PrivacyCountrywideCriminal091008.asp

Wachovia Closing Broker Channel
Wachovia Corp. is exiting its wholesale lending business. The lender is not the only lender to abandon the broker channel.
www.MortgageDaily.com/ClosureWachoviaWholesale072108.asp